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Press release from Marketwire

Talison Lithium Reports Financial Results for the 2011 First Quarter Ended September 30, 2010

Monday, November 15, 2010

Talison Lithium Reports Financial Results for the 2011 First Quarter Ended September 30, 201005:00 EST Monday, November 15, 2010PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 15, 2010) - Talison Lithium Limited ("Talison") (TSX:TLH) announces financial results for the 2011 first quarter(1) ended September 30, 2010 ("First Quarter").Peter Oliver, CEO and Managing Director said, "The First Quarter represented the achievement of a significant milestone for Talison as it acquired the Greenbushes Lithium Operations from its predecessor, became a public company and listed on the Toronto Stock Exchange, completed the acquisition of Salares Lithium Inc. and raised C$40 million in a private placement, and importantly, recorded record lithium concentrate production for the First Quarter at its Greenbushes Lithium Operations."Highlights Talison completed its reorganisation, the acquisition of Salares Lithium Inc., a C$40 million private placement and listed on the Toronto Stock Exchange Lithium concentrate production of 80,729 tonnes (approximately 12,000 tonnes lithium carbonate equivalent ("LCE")), representing a 24% increase over the same prior year period Lithium concentrate sales of 52,524 tonnes (approximately 7,800 tonnes LCE), representing a 6% increase over the over the same prior year period Demand for Talison's technical-grade and chemical-grade lithium concentrate continues to outstrip current production capacity, and Talison is selling 100% of its production The Stage 1 expansion of chemical-grade lithium concentrate production capacity at Greenbushes Lithium Operations by 50,000 tonnes (approximately 7,500 tonnes LCE) remained on schedule for completion early in calendar 2011 Combined sales revenue for three months ended September 30, 2010 of A$21.1 million, an increase of 24% over the three months ended September 30, 2009(1)Combined EBITDA for the three months ended September 30, 2010 of A$4.8 million. Excluding A$1.6 million of non-recurring costs, EBITDA would show a 25% increase over the three-month period ended September 30, 2009(2)Annual production of lithium concentrate for the financial year ending June 30, 2011 is expected to exceed 43,000 tonnes LCE Approval of a A$1.9 million drilling program at the Greenbushes Lithium Operations with the aim of significantly increasing lithium mineral reserves and resources Subsequent to the end of the interim period, Talison refinanced its senior finance facility on more favourable terms with the Commonwealth Bank of Australia.Talison will host a conference call for the First Quarter on Monday, November 15,2010 at 9:30 a.m. EDT (6:30 a.m. PDT). The call is being webcast by Thomson Reuters and can be accessed at www.earnings.com.Teleconference call details are as follows: Toll Free: North America - 1-866-804-6924 Toll Free: International - 857-350-1670 Participant Code: 30136906 Chairperson: Peter Oliver, Chief Executive Officer and Managing Director ReplayAvailable From 11/15/2010 12:30 P Available To 11/22/2010 Dial In # 888-286-8010 International Dial In # 617-801-6888 Passcode 92895432About TalisonTalison is the leading global producer of lithium. Talison mines and processes the lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. In addition, Talison explores for lithium at the Salares 7 lithium project made up of seven salars located in Chile. Talison also has an extensive, well established global customer network and a leading position in the growing Chinese market. The financial results are in respect of Talison's first reporting period, being July 1, 2010 to September 30, 2010, however prior to August 12, 2010, Talison was a dormant entity and did not trade in any capacity. In order to cover the three-month period ended September 30, 2010, certain financial and operating results in respect of the Greenbushes Lithium Operations for the period from July 1, 2010 to August 11, 2010 have been provided for reference purposes. The combined financial and operating results of Talison and the Greenbushes Lithium Operations for the three months ended September 30, 2010 are compared to the unaudited results of the Greenbushes Lithium Operations for the three months ended September 30, 2009. The financial information in respect of the Greenbushes Lithium Operations is being provided for reference purposes only and is not intended to represent a comprehensive comparison of unaudited interim consolidated financial results. For further information refer to Management's Discussion and Analysis of the financial condition and results of operations of Talison Lithium Limited as at September 30, 2010 and for the first interim period from July 1, 2010 to September 30, 2010 (which can be found on Talison's SEDAR profile at www.sedar.com and Talison's website www.talisonlithium.com). The term "EBITDA" is a non-IFRS financial measure. For a reconciliation of EBITDA to its IFRS-compliant income statement, refer to "Non-IFRS Performance Measures" in Management's Discussion and Analysis of the financial condition and results of operations of Talison Lithium Limited as at September 30, 2010 and for the first interim period from July 1, 2010 to September 30, 2010 (which can be found on Talison's SEDAR profile at www.sedar.com). Cautionary Note Regarding Forward-Looking StatementsThis release contains "forward-looking statements" which reflect the current expectations of Talison. When used in this release the words "will", "anticipate", "intend", "believe" and similar expressions are intended to identify forward-looking statements. These statements reflect Talison's management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties, factors and assumptions. Accordingly, readers should not place undue reliance on forward-looking statements. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release.The forward-looking statements contained in this release are expressly qualified in their entirety by this cautionary statement. Although the forward-looking statements contained in this release are based upon what Talisonbelieves to be reasonable assumptions, Talisoncannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and Talison doesnot assume any obligation to update or revise them to reflect new events or circumstances.FOR FURTHER INFORMATION PLEASE CONTACT: Todd HilditchTalison Lithium LimitedInvestor Relations Director604 443 3831Todd.Hilditch@talisonlithium.comORLevel 4, 37 St Georges TerraceTalison Lithium LimitedPerth, Western Australia 6000www.talisonlithium.com